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O'Neill/Arsenal JV Plans $16M Redevelopment

KING OF PRUSSIA, PA-The vacant, 47-year-old light industrial building at 211 S. Gulph Rd. is being converted into office space.

By Marita Thomas | Updated on April 02, 2007

KING OF PRUSSIA, PA-A joint venture between Morristown, NJ-based Arsenal Real Estate Funds LP and locally based O’Neill Properties Group has acquired the 100,000-sf vacant light industrial facility at 211 S. Gulph Rd. With $15.9 million in funding from Arsenal, O’Neill plans to redevelop the single-story structure into office space.

The property was built in 1960 as a data center and once housed operations for PNC Bank. Joe Margolis, co-founding partner of Arsenal, tells GlobeSt.com it was a foreclosed property owned by DLJ Mortgage Acceptance Corp. He declined to disclose what the JV paid for the building, but says, “we purchased it at a very attractive price.”

The renovations will take a year and call for new roofing, HVAC, drywall, carpeting and electrical systems along with upgrades to the exterior and facade and a new entryway. Brian O’Neill, chairman of O’Neill Properties, is a part owner of Arsenal.

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